Several possible outcomes may occur, both of which would greatly benefit the United States economy:
First, a world in which the senators and representatives accept their new wage. This would ensure the American people don't overpay for a terribly inefficient Congress.
Second, a world in which the senators and representatives unanimously raise the Federal Minimum Wage to further line their own pockets. Everyone in America would seemingly overnight have a decent-paying job, and we'd finally be catching up to the rest of the world. I cite Australia as an excellent example. This is not an undue burden on business; the American market of consumers is one they cannot afford to ignore.